Conoil restates commitment to sound corporate governance

In line with its growth objectives, the Chairman of Conoil Plc, Dr Mike Adenuga, has reiterated the company's commitment to implement corporate governance guidelines and strategic planning.The chairman, while addressing shareholders recently at the company's 42nd Annual General Meeting, attributed the organisation's performance to its commitment to operational efficiency, compliance to corporate governance guidelines, strategic planning, pro-active investment and expansion policy.According to him, the remarkable performance demonstrated the company's 'well-grounded structures and the uniqueness to response to the volatility in the downstream sector.''We launched far-reaching initiatives to strengthen our income base in core segments of our business particularly in retail, lubricants, aviation, gas and specialised products. We pursued and sustained strategic expansion of our retail network across the length and breadth of the country,' Adenuga said.The AGM ratified total dividend payment of N1.73 billion to shareholders, which implied a dividend payment of N2.50 per share, up from N2.00 paid in the preceding year.The 25 per cent increase in cash payouts, according to the company management, was reflective of the improved performance of the company during the year in review as turnover rose by 53 per cent to N157.5 billion from N102.8 billion in the previous year.Profit Before Tax also increased from N4.02 billion to N4.4 billion, while Profit After Tax rose from N2.79 billion to N2.95 billion.The company's earnings per share had been on the upward trend, increasing from N2.62 in 2008 to N3.33 and N4.02 in 2009 and 2010 respectively, while it increased cash dividend per share correspondingly from N1 in 2009 to N1.50 and N2 in 2009 and 2010 respectively.Conoil also posted a impressive balance sheet as retained earnings boosted shareholders' funds to N16.82 billion in 2011 compared with N15.26 billion in 2010. Total assets rose by 49 per cent to N61.84 billion in 2011 as against N41.49 billion in 2010.
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